Anthropic Files for Record $100 Billion IPO

Anthropic has confidentially filed for an initial public offering aiming to raise up to $100 billion, which would make it the largest IPO in history. A leaked prospectus suggests the AI lab may seek a valuation of approximately $2 trillion, with a target date as early as the week of November 9, 2026, following the mid-term elections.

The company is seeking access to larger capital markets to fund its computing infrastructure. As part of this expansion, Anthropic entered a $125.2 billion five-year commitment to lease computing capacity on custom tensor processing units designed with Broadcom. To facilitate these leases, Broadcom has agreed to loan Anthropic up to $42 billion through convertible notes, while raising roughly $60 billion in outside debt to fund the hardware.

Anthropic currently employs a diverse hardware strategy using Nvidia GPUs and custom chips from Amazon and Alphabet, both of which hold estimated stakes of 15% to 20% in the company. In its filing, Anthropic noted potential conflicts of interest stemming from Broadcom's dual role as both a hardware supplier and a financing partner.